The world champions Manchester United have been forced to enter administration. They are the first big name football club to fall to the worldwide economic crisis. The club which is owned by a mad fat American fella, said it simply had no choice because the banks were demanding a full repayment of it £45 quid loan.
The players even had a whip round to try to prevent the move but they could only come up with £17.25. The club which used to be the richest in the world has kept its financial worries behind closed doors.
The players which recently have been forced to swap their fancy motors for travelling on the Manchester public transport system are likely to all be sold in the next transfer window.
There are doubts as where the huge amounts of money previously generated by the club have actually gone. There were concerns that after a big lash up after last years champions league final the United players celebrated by burning huge amounts of money to keep warm in the cold Moscow weather.
The Old Trafford football ground is likely to be sold to a national supermarket chain to repay the massive £45 debt.
